Company Registration No. 05594782 (England and Wales)
BTC RACING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
BTC RACING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 7
BTC RACING LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF BTC RACING LIMITED FOR THE YEAR ENDED 31 MARCH 2019
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of BTC Racing Limited for the year ended 31 March 2019 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance
.
This report is made solely to the Board of Directors of BTC Racing Limited, as a body, in accordance with the terms of our engagement
.
Our work has been undertaken solely to prepare for your approval the financial statements of BTC Racing Limited
and state those matters that we have agreed to state to the Board of Directors of BTC Racing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than BTC Racing Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that BTC Racing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets,
liabilities, financial position and loss
of BTC Racing Limited. You consider that BTC Racing Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of BTC Racing Limited. For this reason, we have not verified the accuracy or completeness of the
accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
MHA Carpenter Box
20 December 2019
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1QR
BTC RACING LIMITED
BALANCE SHEET
AS AT
31 MARCH 2019
31 March 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Intangible assets
3
100,000
-
Tangible assets
4
556,464
-
656,464
-
Current assets
Stocks
32,723
-
Debtors
5
296,785
40,523
Cash at bank and in hand
100,095
6,885
429,603
47,408
Creditors: amounts falling due within one year
6
(1,176,550)
(17,668)
Net current (liabilities)/assets
(746,947)
29,740
Total assets less current liabilities
(90,483)
29,740
Capital and reserves
Called up share capital
7
100
100
Profit and loss reserves
(90,583)
29,640
Total equity
(90,483)
29,740
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 20 December 2019
Mr S A C Dudman
Director
Company Registration No. 05594782
BTC RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
- 3 -
1
Accounting policies
Company information
BTC Racing Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Albion Wharf, Albion Street, Southwick, West Sussex, BN42 4ED.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention
.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future
, given the support from related party loans
. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
BTCC Licences
No depreciation
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
Evenly over 10 years
Plant and equipment
Evenly over 5 years
Fixtures and fittings
Evenly over 10 years
Computers
Evenly over 5 years
Motor vehicles
Evenly over 7 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
BTC RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 4 -
1.6
Stocks
Stocks are stated at the lower of cost and
net realisable value
.
1.7
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost
.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
BTC RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 5 -
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 6 (2018 - 0).
3
Intangible fixed assets
BTCC Licences
£
Cost
At 1 April 2018
-
Additions
100,000
At 31 March 2019
100,000
Amortisation and impairment
At 1 April 2018 and 31 March 2019
-
Carrying amount
At 31 March 2019
100,000
At 31 March 2018
-
No depreciation is provided on licences held, as the director is of the opinion that they will have a residual value equal to, or in excess of the purchase price.
BTC RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 6 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2018
-
-
-
-
-
-
Additions
87,887
92,725
3,490
4,881
375,212
564,195
At 31 March 2019
87,887
92,725
3,490
4,881
375,212
564,195
Depreciation and impairment
At 1 April 2018
-
-
-
-
-
-
Depreciation charged in the year
-
7,257
-
338
136
7,731
At 31 March 2019
-
7,257
-
338
136
7,731
Carrying amount
At 31 March 2019
87,887
85,468
3,490
4,543
375,076
556,464
At 31 March 2018
-
-
-
-
-
-
Depreciation on assets will provided as and when the assets are brought into use.
5
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
7
27,419
Other debtors
296,778
13,104
296,785
40,523
6
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
93,585
-
Taxation and social security
5,098
3,030
Other creditors
1,077,867
14,638
1,176,550
17,668
BTC RACING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
- 7 -
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
8
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Loans from companies in which the director has a controlling interest (included in creditors).as follows; Dudman Holding Limited - £72,758; Dudman Investments Limited - £5,000; Dudman Haulage Limited - £28,841; Dudman Aggregates Limited - £329,600 (2018 £12,600); Dudman Ready Mixed Concrete Limited £120,000; Elkon Distribution Limited - £2,864
Loans to a company in which the director has a controlling interest (included in debtors): Tangent Energy Limited -£150,000 (2018 £13,004).